Early warning system for trade remedy to be developed

By 2025, Vietnam will develop an early warning system for trade remedy, according to Prime Minister Decision 316/QD-TTg dated March 8.

By 2025, Vietnam will develop an early warning system for trade remedy__Photo: VNA

According to a scheme promulgated together with the Decision, the early warning system will support investigators and relevant agencies in the investigation and handling of trade remedy cases in domestic and foreign markets and resolution of disputes at the World Trade Organization (WTO).

The system is also expected to protect domestic production while positively avoiding, and coping with trade remedy lawsuits filed by foreign countries, and promoting sustainable exports.

Under the scheme, by 2025, a system of infrastructure facilities, information technology, analysis software and websites will be completely built to effectively operate the early warning system, calculate dumping and subsidy margins and assess damage.

At the same time, it is targeted to upgrade databases for monitoring imports subject to the country’s investigation and trade remedy measures, trade remedy evasions, imports with abnormal surge and imports that are likely to harm domestic production in order to detect and give early warnings about trade remedy evasion and evaluate efficiency of trade remedies currently in force.

Meanwhile, training will be provided to 1,000 employees working in the fields related to trade remedy to improve their capacity of providing warnings and support to businesses.

To effectively operate the early warning system, coordination among ministries, sectors, localities, trade associations and the business cycle will be intensified so as to help one another catch up with new situations, update trade policies of foreign countries being big partners of Vietnam, and analyze, forecast and early detect unfair competition policies that may harm domestic production, imports and exports.

International cooperation will be intensified to better protect lawful rights of Vietnamese firms in import and export activities and closely monitor the compliance with international commitments of bilateral and multi-lateral trade agreements by domestic firms operating sectors with high risk of being subjected to trade defense measures.- (VLLF)